Stock market on fire

[Medic!]

A permanent solution.
To a temporary problem.

 

[The Heretic]

I wish I could go back to 20 years old.
Even flat broke.

Ditto. I would give up all of my net worth to have the body of a 20 year old. I think a lot of people would. As long as they could keep all of their memories and knowledge.

I would do the same if my daughter could be 20 again.

 

[The Heretic]

A permanent solution.
To a temporary problem.

Yes, it was just money - it's not like he discovered that he was going to die from cancer in a week.

Sure, I would probably panic a little, but I would at least check into it to see what is going on. Beyond that, even if it was true that I suddenly somehow owed someone close to a million dollars, the worst that could happen would be that I would lose all my money and property. I would still be alive.

 

[sobo]

Poor bastard was conditioned to a knee-jerk reaction, since that is how most of society works today. You can see it everywhere in the current Cancel Culture.
Observe the reactionary job terminations, shunning, shaming, and ""othering" if one doesn't speak the correct words, reflect the correct attitudes, and support the correct causes du jour... The Covington Catholic High School incident at the Lincoln Memorial last year is a perfect example of the knee-jerk reaction, in this case by the media.

React first, seek facts later...

 

[arakboss]

20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative Balance

Amid the wave of newcomers to what has become a casino stock market, a novice options trader takes his own life.

www.forbes.com

Too bad somebody didn't teach this young man about bankruptcy. It would have been a less permanent way to get out of what ever debt he might have actually been in.

 

[The Heretic]

Seems to have plateaued a bit.

I am again close to being where I was in January. We'll see what happens.

Time is money: the armchair traders of lockdown

At 7am on Friday morning, Dean d'Arco, 31, a phone shop manager from Belfast, Northern Ireland, logged on for his last day as a round-the-clock armchair stock market trader.

www.reuters.com

I have been thinking about playing the market, but right now I have too many property chores to play.

 

[WAW44]

The worst that could happen would be that I would lose all my money and property. I would still be alive.

Not even that bad. Declare bankruptcy. Courts leave allowance for life, like value in house they he may have, or savings, etc, etc, etc. Argue that Robinhood had no safety measures against being an idiot (call it a novice naive trader).. and also follow with a lawsuit against Robinhood. If that guy they quoted in the Forbes article called them out for trying to make trading feel like a video game, you will get other expert witnesses to agree. Use that argument in bankruptcy court as well. He could have walked away from this with relatively little long term damage.

 

[The Heretic]

*sigh*

One step forward, two steps back

 

[sobo]

Patience... It will turn... always does...

 

[American123]

Good time to continue putting money away for investments with the plan to draw in a year or more. If we can assume some of these stocks return to their pre-covid prices in a year or more - there is a lot of opportunity to double your money over the course of that time.

 

[The Heretic]

Patience... It will turn... always does...

I am glad I don't need that money right now, but I had hoped to go to cash before it corrected (or crashed) again, so that I could make up for the lost earnings this year. At this point, I am just hoping I can get back to where I was last year and not lose any more value this year.

Not a good year to retire.

 

[WAW44]

Has anyone here explored asset protection options, like a SD trust or setting up residency somewhere more tax friendly? If you have, for real, have either tips or contacts for financial advisors that could adress such issues, PM me.

 

[The Heretic]

I looked into (googled) residency in S. Dakota because it is still easy to get that residency there, it is somewhat tax friendly and gun friendly.

 

[The Heretic]

It looks like the market keeps bouncing against a ceiling just like it bounces against the floor.

 

[WAW44]

I guess it's another Monday to FAANGn'M all!

 

[The Heretic]

So yesterday my funds got back to Feb levels, and of course, today it bounces off the ceiling.

Still, maybe it will stabilize enough before the end of July for me to go to money markets. Not going to get too greedy this time (I hope) and just be satisfied with being back where I was - if I can lock that in.

 

[Provincial]

I think that the professionals (and some semis) have a trading range when, by plan or circumstance, they expect sell-offs and buy-backs to happen. If you think about it, the hedge funds and similar trading plans make money on differentials, rather than straight increases. If the expect a sell-off at 27K, then enough of them will sell near that level, only to buy back in at a lower level, say, 25K. It might even be a closer spread.

They may be figuring that the market would keep rising past 27K if left alone, but they can make money on a "sure thing" by selling off at 27K, knowing that there will be enough selling to drop the market to their "buy in" price. Sell, park the money for a few days, then buy back in following a plan that is tax-advantaged. Rinse and repeat.

 

[American123]

Big up day should have expected to be followed by a big down day. Just looking at Boeing Stock for example - if there was a $10 or so uptick, and the stock price was about $175 only a day earlier, selling for that $10 gain represents more than a 5% gain in the span of a day. Multiply that by a hundred shares and that's $1000 in a day just buy playing the up/down fluctuations. Then the following days you can follow that downtrend and pick back up the same amount of shares while keeping that $1000 (minus any taxes of course) I have no desire to day trade, but short term pattern trading, most definitely.

 

[The Heretic]

Yeah, traders profit on volatility, but I just want the average trend to be up long enough that even if I go to cash on a day it goes down, I am still at or above where I was 6 months ago. I can't play the day trading game with my 401K/IRA. At best my 401K will rebalance daily, the IRA might take a day or two. So I don't want the funds to rebalance on a day when the market goes down, but if it is above my previous high, and would still be at or above it even on a bad day, then ok, I can live with that.

 

[American123]

Yeah, traders profit on volatility, but I just want the average trend to be up long enough that even if I go to cash on a day it goes down, I am still at or above where I was 6 months ago. I can't play the day trading game with my 401K/IRA. At best my 401K will rebalance daily, the IRA might take a day or two. So I don't want the funds to rebalance on a day when the market goes down, but if it is above my previous high, and would still be at or above it even on a bad day, then ok, I can live with that.

I understand, we've communicated before on this same subject. If schools were allowed to open up in the fall I think the result would be a booming uptick, for political reasons I don't view that as something some groups of people want to have happen.